Malaysia-listed marine oil and gas engineering firm Muhibbah Engineering posted a profit of MYR32 million (USD8.68 million), up 43.6% year on year for the first quarter that ended on 31 March 2015.
However, its revenue suffered a dip of 7.8% to MYR363.2 million, compared with MYR393.9 million in first-quarter 2014. On the other hand, the company’s operating profit increased 49% to MYR23.2 million in first-quarter 2015 from MYR15.6 million a year earlier, while its profit before tax surged to MYR39 million, compared with MYR30.9 million a year earlier.
The increase in Muhibbah Engineering’s profit before tax was attributed to the company’s Favelle Favco crane division, as well as business operation for Cambodian airports. Favelle Favco crane division reported improvement in operational efficiencies, while the Cambodian airports have seen continuous passenger growth.
In the meantime, both the crane division and Cambodian airports concessions have also benefited from the appreciation of the US dollar. As of 22 May 2015, Muhibbah Engineering has a total outstanding secured orderbook of MYR2 billion.
The company foresees growth in both business travellers and tourists arrivals for its Cambodia airports concession business. Muhibbah Engineering will also continue to bid for more work associated with Pengerang Integrated Complex Project, comprised of Refinery and Petrochemical Integrated Development (RAPID) and other associated facilities with total investment, worth USD25 billion. So far, the company has secured its first contract related to RAPID project worth USD31.4 million in first-quarter 2015.
In addition, the company’s marine infrastructure division continues to engage in project works for the expansion of port facilities in major ports, including Northport Malaysia, Westport Holdings, and Samalaju Industrial Port.
This post was sourced from IHS Maritime 360: View the original article here.